JTL Industries shares hit the 20% upper circuit limit, reaching ₹61.84 per share following the announcement of a major order win from Punjab State Transmission Corporation Limited (PSTCL). The steel tubes and pipes manufacturer's stock surged from its previous closing price of ₹51.54, reflecting strong investor confidence in this strategic contract.

Major Order Win from PSTCL

JTL Industries announced through a stock exchange filing that it has secured a significant contract from PSTCL for manufacturing, fabricating, and galvanising 220kV transmission tower material and substation structures. The order is expected to be completed by the end of FY26.

The company stated that this order strengthens its position in the power transmission infrastructure sector and demonstrates its capability to supply critical, high-quality components for large grid projects.

Q2 FY26 Financial Performance

JTL Industries reported mixed financial results for Q2 FY26, showing revenue decline but improved operational efficiency metrics.

Revenue and Profitability Analysis

The company's revenue from operations stood at ₹429.00 crores in Q2 FY26, representing an 11% decline from ₹480.00 crores in Q2 FY25. On a quarter-on-quarter basis, revenue decreased 21% from ₹544.00 crores in Q1 FY26.

Despite revenue challenges, operational efficiency improved significantly. EBITDA per ton increased 29% year-on-year to ₹4,247.00 in Q2 FY26 from ₹3,300.00 in Q2 FY25. The quarter-on-quarter improvement was even more pronounced, showing 83% growth from ₹2,323.00 in Q1 FY26.

Sales Mix and Volume Performance

JTL Industries derives 88% of its sales from domestic markets, with the remaining 12% coming from exports. Sales volumes declined 10% year-on-year to 81,593 MT in Q2 FY26 from 90,417 MT in Q2 FY25.

Company Overview and Market Position

JTL Industries Ltd, the flagship company of the Jagan Group established in 1991, is headquartered in Chandigarh. The company has evolved from manufacturing ERW black pipes to producing a comprehensive range of steel products including galvanised steel pipes, solar mounting structures, and large steel tubes.

Manufacturing Capabilities

• Production Capacity: 9.36 lakh MTPA in pipe manufacturing
• Backward Integration: 3.00 lakh MTPA capacity
• Manufacturing Facilities: Four plants across India
• Product Portfolio: Over 1,200 products
• Workforce: More than 1,400 employees
• Export Reach: Over 20 countries

Stock Performance and Market Capitalisation

With a market capitalisation of ₹2,343.00 crores, JTL Industries has demonstrated strong long-term performance. Over the past five years, the stock has delivered robust returns of 312%, significantly outperforming the NIFTY 50's return of 79% during the same period.

The recent order win from PSTCL represents a strategic milestone for JTL Industries, positioning the company to capitalise on India's expanding power transmission infrastructure requirements while leveraging its established manufacturing capabilities and quality standards.

JTL Industries announced on Monday, January 12, that it has secured a significant order from Punjab State Transmission Corporation Limited (PSTCL) for critical power transmission infrastructure components. The contract encompasses manufacturing, fabrication and galvanisation of 220kV transmission tower material and substation structures.

Order Details and Execution Timeline

The order has been awarded by PSTCL, a domestic entity, with execution scheduled within FY 2025-26. As disclosed under Regulation 30 of the SEBI Listing Regulations, this represents a one-time contract that does not fall under related party transactions.

The company confirmed that neither the promoter nor the promoter group has any interest in the awarding entity, ensuring complete transparency in the transaction.

Strategic Significance in Power Transmission Segment

This development underscores JTL Industries' continued engagement in the power transmission segment, with the order covering critical infrastructure components required for high-voltage grid projects. The comprehensive scope includes manufacturing, fabrication and galvanisation services, aligning perfectly with the company's established operational capabilities in the transmission tower business.

Strong Market Response

Following the order announcement, investor sentiment remained exceptionally strong, with the stock recording a sharp rally during the trading session. JTL Industries emerged as one of the top gainers on the NSE, rising 20% amid robust buying interest from market participants.

The stock's performance reflects strong market confidence in the company's order execution capabilities and its strategic positioning in the power transmission infrastructure sector.